Market Size of MENA Fintech Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.51 Billion |
| Market Size (2029) | USD 2.40 Billion |
| CAGR (2024 - 2029) | 9.71 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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MENA Fintech Market Analysis
The MENA Fintech Market size is estimated at USD 1.51 billion in 2024, and is expected to reach USD 2.40 billion by 2029, growing at a CAGR of 9.71% during the forecast period (2024-2029).
The Middle East is witnessing a surge in its fintech sector. Payment processors, fintech firms, and platforms are disrupting the traditional financial landscape, penetrating both domestic and global markets. A key driver behind this growth is the region's swift embrace of technology.
According to a report, the MENA region, particularly the United Arab Emirates, Saudi Arabia, Bahrain, and Egypt, is the epicenter of fintech funding. These nations accounted for a staggering 99% of the region's investments. Within the fintech sector, payment solutions took the lead, capturing 42% of all investments and boasting a remarkable annual growth rate of 152%. The report also predicts the launch of over 45 fintech startups, each valued at USD 1 billion or more, in the Middle East by 2030, with Saudi Arabia spearheading this trend.
As of 2023, the MENA region boasted over 250 fintech startups, a number projected to surge beyond 250 by 2025. MENA's robust entrepreneurial ecosystem positions fintech as a key player in tackling the region's pressing financial hurdles.
In the face of a challenging global financial landscape, MENA's fintech industry showcased resilience, outpacing other sectors. Despite a global economic downturn marked by rising interest rates and technological disruptions, MENA's fintech sector witnessed a 47% Y-o-Y dip in total funding, settling at USD 484 million. However, the sector's SEED valuation remained steady, underscoring its stability.
